Equilibrium Price In June 2001, the retail price of a 25-kg bag of cornmeal was $8 in Zambia; by December, the price had risen to $11. The result was that one retailer reported a drop in sales from 15 bags/day to 3 bags/day. Assume that the retailer is prepared to sell 3 bags/day at $8 and 15 bags/day at $11. Find linear demand and supply equations and then compute the retailer’s equilibrium price.
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